India’s rapidly increasing educated work force ensures continuous domestic growth and rising national spending power. In addition to cars and other modes of personal transport, on a consumer level there is still considerable scope for growth in domestic appliances, home electronics and air conditioning units.
The Indian industrial fasteners market is anticipated to reach a value of INR 460 Bn by 2023 growing at CAGR of 9.6%, according to a market research report.
The automotive sector in India is one of the largest consumer of industrial fasteners. Auto industry in India has recovered from the onslaught of coronavirus pandemic and is expected to witness more accelerated growth in the coming times.
Further, construction and engineering sector are key drivers of industrial market growth. High-tensile fasteners are mainly used in the construction and engineering sector, whereas mild steel fasteners are used in manufacturing automobiles.
Rising demand and increasing sales of automobiles in the country are fostering growth of the automobile sectorspecific fasteners. Use of fasteners in parts including engines, chassis, moulding, suspension system and wheels etc. are predicted to drive the growth of industrial fasteners market size.
Therefore, if you are looking to meet high profile decision makers and to promote your company in this major growth market, Fastener Fair India, Delhi is the “must-attend” event in 2022 for everyone involved in the fastener and fixing industry.